Casinos & Hotels

MGM Wins Approval for New Macau Casino

200325572-001
Thinkstock
The Hong Kong-based subsidiary of MGM Resorts International Inc. (NYSE: MGM) has received approval from the government of Macau to build a second casino and hotel on the Chinese-controlled island’s Cotai Strip. MGM expects to spend $2.5 billion on a 1,600-room hotel, gambling area and retail and entertainment space at the location.

MGM posted a larger-than-expected loss in the previous quarter and is expected to post another loss in its fourth quarter. The second casino, which still needs a permit before construction begins, will not be completed for about three years once construction starts.

Competitors Las Vegas Sands Corp. (NYSE: LVS), Wynn Resorts Ltd. (NASDAQ: WYNN) and Monarch Casino and Resort Inc. (NASDAQ: MCRI), along with MGM, got a share price boost last week on reports that Macau revenues totaled $35 billion last year, a rise of about 14% from 2011. Macau’s revenues are expected to rise 5% to 10% this year following new restrictions by the Chinese government. In 2010, Macau’s casino revenues leaped 42% from the previous year. Those days are long gone it seems.

The #1 Thing to Do Before You Claim Social Security (Sponsor)

Choosing the right (or wrong) time to claim Social Security can dramatically change your retirement. So, before making one of the biggest decisions of your financial life, it’s a smart idea to get an extra set of eyes on your complete financial situation.

A financial advisor can help you decide the right Social Security option for you and your family. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you.

Click here to match with up to 3 financial pros who would be excited to help you optimize your Social Security outcomes.

 

Have questions about retirement or personal finance? Email us at [email protected]!

By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.

By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.